Finance

Mozambique’s ENH seeks $1.5 bln for public LNG project

Thursday, 07 November 2019 18:33
Mozambique’s ENH seeks $1.5 bln for public LNG project

(Ecofin Agency) - The Mozambican public oil and gas company (ENH) has announced that it will start an international roadshow next week, with the aim of raising $1.5 billion, to finance its 15% share in the Mozambique LNG project. The information was provided by Omar Mitha, the company's CEO.

The project carriers will first travel to Johannesburg in South Africa before moving to London to meet with investors. ENH had already used this type of support before, to have its partners finance its participation. This is a bridge financing that will be effective on the condition that the public company would go to the marketplace to obtain better terms and pay off its debt.

Mozambique LNG, which is based on the Golfinho and Atum fields, will generate about $38 billion in revenue for the government over its lifetime. Under the project, the country will also launch its first liquefied natural gas plant.

France’s Total operates the project with a 26.5% interest and announced a few days ago that it plans to equip the plant with two new liquefaction trains. This should lead to an increase in the planned production capacity, which is now 12.88 million tons per year.

Olivier de Souza



 
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